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Haughwout, Andrew - 2019

Since the onset of the 2008 financial crisis, consumer financial and borrowing behavior, once considered a relatively quiet little corner of finance, has been of enormously increased interest to policymakers and researchers alike. Prior to the Great Recession, there was a historic run-up in...

Persistent link: https://www.econbiz.de/10012889358

Supervising Large, Complex Financial Institutions : What Do Supervisors Do?

Eisenbach, Thomas M. - 2015

The Federal Reserve is responsible for the prudential supervision of bank holding companies (BHCs) on a consolidated … basis. Prudential supervision involves monitoring and oversight to assess whether these firms are engaged in unsafe or … supervision is interlinked with, but distinct from, regulation, which involves the development and promulgation of the rules under …

Persistent link: https://www.econbiz.de/10013021984

Nonconforming Preferences : Jumbo Mortgage Lending and Large Bank Stress Tests

Haughwout, Andrew; Morgan, Donald P.; Neubauer, Michael; … - 2022

The 2010s saw a profound shift towards jumbo mortgage lending by large banks that are regulated under the Dodd-Frank Act. Using data from the Home Mortgage Disclosure Act, we show that the “jumbo shift” is correlated with being subject to the Comprehensive Capital Analysis and Review (CCAR)...

Persistent link: https://www.econbiz.de/10013492078

COVID Response : The Municipal Liquidity Facility

Haughwout, Andrew; Hyman, Benjamin; Shachar, Or - 2021

At the onset of the COVID-19 pandemic, state and local governments were among the sectors expected to experience the most severe distress. The combination of a sharply deteriorating revenue picture, a pressing need for additional expenditures, delays in the receipt of substantial taxes owed, and...

Persistent link: https://www.econbiz.de/10013211407

The Option Value of Municipal Liquidity : Evidence from Federal Lending Cutoffs during COVID-19

Haughwout, Andrew; Hyman, Benjamin; Shachar, Or - 2021

We estimate the option value of municipal liquidity by studying bond market activity and public sector hiring decisions when government budgets are severely distressed. Using a regression discontinuity (RD) design, we exploit lending eligibility population cutoffs introduced by the federal...

Persistent link: https://www.econbiz.de/10013322528

Juvenile Delinquent Mortgages : Bad Credit or Bad Economy?

Haughwout, Andrew - 2008

We study early default, defined as serious delinquency or foreclosure in the first year, among nonprime mortgages from the 2001 to 2007 vintages. After documenting a dramatic rise in such defaults and discussing their correlates, we examine two primary explanations: changes in underwriting...

Persistent link: https://www.econbiz.de/10012723332

How Mortgage Finance Affects the Urban Landscape

Chan, Sewin - 2015

This chapter considers the structure of mortgage finance in the U.S., and its role in shaping patterns of homeownership, the nature of the housing stock, and the organization of residential activity. We start by providing some background on the design features of mortgage contracts that...

Persistent link: https://www.econbiz.de/10013017425

Subprime Mortgage Pricing : The Impact of Race, Ethnicity, and Gender on the Cost of Borrowing

Haughwout, Andrew - 2011

Some observers have argued that minority borrowers and neighborhoods were targeted for expensive credit in 2004-06, the peak period for subprime lending. To investigate this claim, we take advantage of a new data set that merges demographic information on subprime borrowers with information on...

Persistent link: https://www.econbiz.de/10012713789

Negative Equity and Housing Investment

Haughwout, Andrew - 2015

Housing is a depreciating asset. The rate of depreciation depends on the degree to which households engage in housing investments. Housing investment expenditures economy-wide are sizable, averaging 45 percent of the value of new home construction over the past twenty years. The housing bust and...

Persistent link: https://www.econbiz.de/10013034983

The Homeownership Gap

Haughwout, Andrew - 2010

After rising for a decade, the U.S. homeownership rate peaked at 69 percent in the third quarter of 2006. Over the next two and a half years, as home prices fell in many parts of the country and the unemployment rate rose sharply, the homeownership rate declined by 1.7 percentage points. An...

Persistent link: https://www.econbiz.de/10013149388